White releases '09 tax return, but not mayoral data

White releases 2009 tax return — but that's allData from his years as Houston mayor withheld

BRADLEY OLSON, Copyright 2010 Houston Chronicle

Published 5:30 am, Friday, March 19, 2010

Democratic gubernatorial candidate Bill White released his 2009 federal income tax return Friday, answering pressure from the media and his opponent, but continuing in his refusal to release returns from the previous five years.

The 43-page return for the former Houston mayor and his wife, Andrea, lists a total income of $712,684, including $232,862 in wages, $281,467 in business income from White's board service and investment management and a tax liability of $178,986.

Gov. Rick Perry's campaign immediately seized on the release, questioning why White has not released the returns from his entire time as mayor. White and Perry will face off in November.

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“First, Bill White said he wouldn't release his tax returns because he wanted to protect his business partners,” said Perry spokesman Mark Miner. “Today he released only his 2009 tax returns. What will Bill White's excuse be now for not releasing all of his tax returns for his time in public service? The people of Texas need to know how much money Bill White made while in Washington serving in the Clinton administration and during his time as mayor of Houston.”

This week the Houston Chronicle reported that White earned more than $2.6 million serving on the board of a gas well servicing company that is part of a congressional investigation into possible groundwater contamination.

Proprietary information

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White has said he will disclose certain information in his tax returns, if requested, but cannot release them because they include proprietary information about business partnerships in which he has been involved. His campaign has said his willingness to release returns during any time he has sought or served in statewide office is comparable to the disclosures of Perry, who has released his tax returns since beginning his service in statewide office in 1991.White also has released his personal finance disclosure forms during his time as mayor.

Asked why the former mayor saw it as a priority to release returns when he campaigned for state office, but not for when he served Houston, White spokeswoman Katy Bacon said that his level of disclosure has been as robust as Perry's.

“Bill White makes more disclosures than required,” she said. “It raises the question of how much more, but a person who makes voluntary disclosures shouldn't be penalized for being ‘inconsistent' by not simply giving everyone everything at all times.”

Southern Methodist University political scientist Cal Jillson said it's common for there to be some tension between candidates who want to maintain some personal privacy and the media and opponents, who will “always cry for more.”

“Most candidates for high office release five years of tax returns,” he said, predicting that White eventually would do so. “The question is how much blood is exacted from him before he decides to do that.”

Houston CPA Bob Martin, who has analyzed the tax returns of Perry and Sen. Kay Bailey Hutchison, whom the governor bested in the Republican primary, said some may question why White made more money from outside income in 2009 than from his mayoral salary.

White lists income of nearly $280,000 from “board fees” and “investment management,” as well as an $83,000 payout from Wedge Services, the company he helmed before being elected mayor.

Bacon said the latter payment was part of a deferred compensation package in which White receives income from investments made during his time as Wedge CEO.

Martin said White's investments in the return show him to be more astute than most, given his use of “calls,” which enable an investor to buy or sell stocks only when they reach certain prices. He also noted that White's charitable contributions of $9,125 “appear to be low in relation to that amount of income for many politicians.”

In 2007, White and his wife gave $266,205 to charity, and in 2008 they gave $335,226, Bacon said.

Perry's last tax return, for 2008, shows $282,609 in total income, and $53,612 in total taxes.